The £900,000 mansion that will become the home of a newly-appointed bishop was previously sold by the Church of England for less money, it has been revealed.

The Grade II-listed Georgian former rectory was sold for £750,000 in 2007 after it was deemed 'unsuitable' for the clergy.

But the church is set to buy back the imposing property for the Right Reverend Peter Hancock in a controversial move away from his traditional historic palace.

Purchase: This £900,000 mansion in Croscombe will become the home of the Right Reverend Peter Hancock

Imposing: The Grade II-listed Georgian rectory was sold by the Church of England for £750,000 in 2007 after being deemed 'unsuitable'. But the church is set to buy back the property for the bishop for £150,000 more

Move: The church has confirmed Rev Hancock (right) will be moving into the former rectory in Croscombe (left)

Historic: He will become one of the first Bishop of Bath and Wells in recent years to live outside the Bishop's Palace (pictured), which was built in 1210. The property sits in 14 acres of land near Wells Cathedral

Rev Hancock will be one of the first
Bishop of Bath and Wells in recent years to live outside the Bishop’s
Palace in Wells, Somerset, which was built in 1210.

Parts of the stunning moated property - which sits in 14 acres in the shadow of Wells Cathedral - are open to the public, and the Church Commissioners wanted somewhere with fewer tourists and 'more privacy'.

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However, Tessa Munt, MP for Wells, told MailOnline that their plans to buy back the Old Rectory in Croscombe will involve the church spending £150,000 more than it received from the sale of the building seven years ago.

'They sold the rectory in April 2007 for £755,000 because it was wholly unsuitable for use by the clergy,' she said.

Too public: Parts of the stunning moated palace are open to the public - attracting numerous tourists

Criticism: Clergy in the area have criticised the Church Commissioners for refusing to allow the bishop to live in the Bishop's Palace - featuring a moat, pictured - which has housed his predecessors since the mid 1850s

Preparing to move: Rev Hancock, pictured with his wife Jane, is currently the Bishop of Basingstoke

'I’m staggered that the Church
Commissioners would think it appropriate to purchase the same property
for use by the new Bishop and his wife as “temporary” accommodation at a
cost of nearly £900,000, when there is a perfectly good, warm and
comfortable private flat in the Bishop’s Palace.'

She added that she was launching a petition calling for the commissioners to reconsider their decision.

Anglican
communities in Bath and Wells have also expressed anger at the church's plans to buy back the Georgian property, according to The Times

Many claim that almost £1million is being spent on a building that is not
needed, while others are calling for the rectory's £900,000 price tag to be used to fund more clergy.

Controversial: The pair will soon be living in the Old Rectory, above, which is set within its own walled grounds

Anger: Meanwhile, Anglican communities have expressed anger at the commissioners' plans to buy back the Georgian rectory - with many claiming almost £1million is being spent on a building that is not needed

Meanwhile,
church leaders in the area have criticised the commissioners - who are
in charge of the church's £5.2billion assets - for refusing to allow Rev
Hancock and his wife Jane to live in the moated palace, which has been a
regular home to the Bishops of Bath and Wells since the mid 1850s.

However, speaking at a protest meeting, Sir Tony Baldry, MP, the Parliamentary representative of the
Church Commissioners, said the decision had been made 'on the grounds of suitability'.

Support: Sir Tony Baldry, MP, said the decision had been made 'on the grounds of suitability'

He added: 'This
is an investment decision for the Church Commissioners and the only
financial risk will be if there were to be some serious deterioration in
the property market locally.'

Although the sale of the former rectory is yet to be completed, the church has confirmed the four-bedroom home has been chosen for evangelical Rev Hancock, who is currently Bishop of Basingstoke.

The building boasts a host of period details, including huge shuttered sash windows, picture rails and pretty ceiling roses, with four bedrooms and three bathrooms upstairs.

Dual-aspect dining and drawing rooms make the most of the surrounding countryside and the property boasts two halls and underground cellars.

Andrew Brown, secretary to the Church Commissioners, said the building would offer the bishop 'more privacy' - adding: 'It will mean he can live in more privacy as the palace and gardens will remain open to the public.

'The bishop will continue to work and worship at the Palace and share the office with the Bishop of Taunton.'

But theBishop of Taunton, the Right Rev Peter
Maurice, and senior staff at Bath and Wells said in a statement the comissioners had taken a 'unilateral decision' that has 'cast a shadow' over the announcement of their next bishop.

They added: 'We call upon the Church Commissioners to allow the next Bishop of Bath and Wells to begin his new role in residence at the Palace while a full and proper consultation about the long-term plans for the Bishop’s residence and office arrangements takes place.'